Sales of existing homes dropped across the country last month after a slight comeback in February. Median sale prices also took a dive. Across the metro area, however, the picture is mixed, with some areas inside the Beltway doing better than the nation as a whole, other areas running about even, and neighborhoods outside the Beltway clearly underperforming.
Total U.S. sales of single-family homes, townhomes, condos and co-ops dipped 2 percent in March to 4.93 million units from a seasonally adjusted annual rate of 5.03 million units in February, the National Association of Realtors announced Tuesday.
Year-over-year sales were down 19.3 percent, from 6.11 million units in March 2007. The median price for all single-familyhomes stood at $200,700 in March, 7.7 percent lower than the $217,400 median price in March 2007.
Prices did show a slight improvement over February’s median price of $195,900. In February 2008, sales had risen 2.9 percent from 4.89 million units in January.
While March “was not a great month all the way around” for Washington homeowners, said real estate broker Donna Evers, some areas inside the Beltway kept up with or surpassed the national pace.
Arlington County saw a 3.21 percent jump in median sold prices, from $469,900 a year ago to $485,000 in March 2008, according to data from Metropolitan Regional Information Systems. From February 2008, when the median price was $425,000, the price spiked 14.1 percent.
In the District, median prices sank 8.06 percent from $434,500 in March 2007 to $399,500 in March 2008. Prices decreased 3.5 percent from $414,000 in February 2008.
Montgomery County’s median sold price dropped from $430,000 in March 2007 to $402,500 in March 2008 — a 6.40 percent decline. Month-over-month, the price fell 3.01 percent from $415,000 in February 2008.
Regions out a little farther were also having a tough time.
Combined data from Fairfax County, Fairfax City, Alexandria City, Falls Church City and the more upbeat county of Arlington, showed a 12.84 percent fall in median prices, from $460,500 in March 2007 to $401,380 last month. Those areas saw a 2.22 percent drop in price from February’s $410,500 median price level.
In the surrounding suburbs, “the bad areas are having a tough time” including high levels of foreclosure filings, said Evers, who owns Washington-based Evers and Co.
Prince William County, Manassas City and Manassas Park City experienced a 29.73 percent drop in median prices, plummeting from $370,000 in March 2007 to $260,000 in March 2008. There was a 1.89 percent decrease from February 2008’s$265,000 price.
Loudoun County also took a tumble, with median prices declining 19.94 percent, from the level in March 2007 of $447,450 to $358,225 in March 2008, and 4.46 percent from $374,950 in February 2008. Prince George’s County, which has also been hit hard by the mortgage crisis, had a 13.46 percent decrease in median price, from $329,900 to $285,500 year-over-year, and a 1.52 percent drop from February 2008’s level of $289,900.
